March sees further widening of US trade deficit
WASHINGTON - The US trade deficit widened by 14.1 per cent to $51.8 billion in March from a revised $45.4 billion in February, with imports rising at a faster pace than the value of exports, the Commerce Department report released Thursday showed.
The trade deficit was higher than the $49.5 billion anticipated by economists, and also higher than the $46.0 billion originally reported for February, indicating a slower than desired economic growth.
The deficit still remains narrower than the three-year high of $52.5 billion set in January.
The U.S. trade deficit with China widened to $21.7 billion in March compared with $18.1 billion in the same month last year and $19.4 billion in February.
The wider deficit in March was broadly in line with government forecasts in the initial estimate of first quarter GDP.
"The large swings in the trade gap in recent months were probably influenced by the Chinese Lunar New Year," said Christoph Balz, an economist at Commerzbank. "Overall, net trade had a neutral effect on GDP growth in Q1."
Imports surged by 5.2 percent to $238.6 billion in March, up from $226.9 billion in the previous month.
The February to March increase in imports of goods mainly reflected increases in capital goods ($3.5 billion); consumer goods ($3.3 billion); industrial supplies and materials ($2.5 billion); automotive vehicles, parts, and engines ($1.2 billion); other goods ($0.5 billion); and foods, feeds, and beverages ($0.2 billion).
The value of exports also rose by 2.9 per cent to $186.8 billion in March, up from $181.5 billion in February.
The February to March increase in exports of goods reflected increases in industrial supplies and materials ($2.4billion); capital goods ($1.2 billion); foods, feeds, and beverages ($0.5 billion); other goods ($0.4 billion); automotive vehicles, parts, and engines ($0.4 billion); and
consumer goods ($0.1 billion).
The report also showed that the goods deficit widened to $67.6 billion in March from $61.1 billion in February, while the services surplus edged up to $15.8 billion from $15.7 billion.
Exports of services increased $0.5 billion from February to March. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services), royalties and license fees, and other transportation (which includes freight and port services).
Changes in the other categories of services exports were small.
Imports of services increased $0.4 billion from February to March. The increase was mostly accounted for by increases in transportation, private services, and travel. Changes in the other categories of services imports were small.
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